commercial transactions

Blue sky law

Definition

A state law that imposes standards for offering and selling securities. Such laws aim to protect individuals from fraudulent or overly speculative investments.

Overview

Originally prepared by Deepa Sarkar of the Cornell Law School...

broker

A person or entity that arranges contracts and acts as an intermediary between a buyer and seller for a commission. A broker is an independent party to a transaction and should not be confused with an agent who acts on behalf of a...

Cargo Insurance

Definition

An insurance agreement to pay for freight that has been lost or damaged in transit, whether by land, air, or sea.

Check-flashing

Definition

See kiting.

Check-kiting

Definition

See kiting.

Collusive Bidding

An agreement among two or more competitors to change the bids they otherwise would have offered absent the agreement. Under Section 1 of the Sherman Antitrust Act, collusive bidding is per se illegal.

See Antitrust Law for more information.

Comaker

A person who cosigns a check, draft or other negotiable instrument with another person or persons. Each comaker has a legal obligation to pay the entire amount due on the instrument, should one of the parties default.

Conforming Goods

In sales law, goods that meet the specifications of the sales contract.

See [http://www.law.cornell.edu/ucc/2A/article2A.htm#s2A-103|UCC § 2A-103].

Debtor and Creditor

debtor and creditor: an overview

Debtor-creditor law governs situations where one party is unable to pay a monetary debt to another. There are three types of creditors. First are those who have a lien against a particular piece of property. This...

Deed of Trust

A Deed of Trust is a type of secured real-estate transaction that some states use instead of mortgages. See State Property Statutes.

A deed of trust involves three parties: a lender, a borrower, and a trustee. The lender gives the borrower money...

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